Silver Rises Over 120% YTD 
Published: 04-21-2025, 10:00 am | Updated: 04-21-2025, 08:15 am
US financial markets experienced significant turbulence on Monday as investors reacted to growing speculation that President Trump might attempt to dismiss Federal Reserve Chairman Jerome Powell. The dollar dropped to its lowest level since December 2023, with the Bloomberg Dollar Spot Index falling as much as 1%, while US stock futures declined 1.3% and 10-year Treasury yields climbed.
The market reaction intensified after National Economic Council Director Kevin Hassett acknowledged that Trump was studying the possibility of firing Powell, despite legal scholars noting that a president lacks clear authority to dismiss a Fed chair. Powell has previously stated he would not resign if asked.
This development compounds existing concerns about US assets stemming from aggressive trade tariffs that have fueled recession fears and eroded confidence in Treasuries as a safe-haven investment. Analysts warn that questioning the Fed’s independence could severely damage trust in the dollar, with one strategist noting such credibility is “difficult to win back if ever lost.”
